Millions of seniors rely on Social Security to pay their bills, and for many, those benefits are their primary source of income. It's no wonder, then, that so many eagerly await news of a cost-of-living adjustment, or COLA, each October.

The purpose of COLAs is to help seniors on Social Security retain their buying power in the face of inflation. As such, these raises, modest as they may be, can make a huge difference to people already on a tight budget.

For 2019, Social Security's COLA was a fairly generous 2.8%. It's too soon to know what the 2020 COLA will look like, but based on current data, estimates are coming in between 1.6% and 1.7%. Still, those numbers aren't set in stone, and until we receive a full set of third-quarter data from the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W (which determines the COLA), we won't know for sure what the raise for seniors will look like.

If you're itching to hear what your upcoming COLA will be, you're in good company. But know this: Even if that number comes in higher than expected, it still may not be something to celebrate.

Source: https://www.usatoday.com/story/money/2019/09/22/waiting-on-this-big-social-security-announcement-heres-what-to-do-instead/40140917/